Cerberus Founder Drops Bid for Gunmaker Freedom Group

Cerberus Capital Management LP founder Stephen Feinberg has dropped an effort to bid for the gunmaker that his private-equity firm put up for sale last year, a person familiar with the discussions said, as several early bids for the gunmaker have come in.

Cerberus put the gunmaker, Freedom Group, on the block last year after one of its rifles was used in the shooting deaths of 26 people—including 20 children—at Sandy Hook Elementary...